核心产品业绩承压、收购暗藏风险，康缘药业2024年营利双降

Core Insights - 康缘药业 reported a revenue of 3.898 billion yuan in 2024, a year-on-year decrease of 19.86%, and a net profit attributable to shareholders of 392 million yuan, down 15.58% [1] - The decline in performance is primarily attributed to the underperformance of core products such as 热毒宁注射液 and 银杏二萜内酯葡胺注射液, with injection products revenue dropping to 1.341 billion yuan, a decrease of 38.33% year-on-year [1][2] - The company completed a 100% acquisition of 中新医药, which focuses on the development of innovative biopharmaceuticals, enhancing its presence in the biopharmaceutical sector [3] Revenue and Product Performance - Core products contributing over 10% to revenue include 热毒宁注射液, 金振口服液, and 银杏二萜内酯葡胺注射液, with significant declines in sales volume and increased inventory levels for these products [1] - The market competition has intensified due to stricter medical insurance cost control and centralized procurement policies, leading to a substantial drop in sales for key products [2] R&D and Future Outlook - 康缘药业's R&D expenditure was 638 million yuan in 2024, a decrease of 24.66% year-on-year, but still represents 16.79% of total revenue, indicating a commitment to innovation [4] - The company has made progress in obtaining new drug approvals across various categories, but the conversion of R&D results into market competitiveness remains a critical challenge [5] - Future strategies to boost performance amidst declining core product sales and reduced investment in R&D are essential for 康缘药业's recovery [5]